by GEERT De LOMBAERDE
Shares of Acadia Healthcare fell about 4 percent Wednesday after the behavioral health services provider reported second-quarter profits that were down 18 percent from a year earlier.
Franklin-based Acadia earned $48.2 million in the three months ended June 30, down from $58.8 million. Revenues climbed 3 percent to $789 million, but expenses rose nearly 5 percent to nearly $730 million. Same-facility patient days rose 1.7 percent — the company’s U.S. facilities were up more than 3 percent while patient counts at U.K. treatment centers slipped year over year — but facility EBITDA margins fell 1.1 percentage points overall as the U.K. group’s margin fell below 18 percent from 21.4 percent in Q2 of last year.
“We are pleased to report a solid financial and operating performance,” said CEO Debbie Osteen. “These results were in line with expectations, reflecting consistent execution of our growth strategy.”
At about 1:15 p.m. Central, Acadia (Ticker: ACHC) was changing hands at $31.70, down 3.6 percent on the day. Earlier in the day, they traded as low as $30.66. Year to date, they’re up 20 percent.